Update to Form 4547 for State, Territorial and Tribal Child Welfare Agencies

Form 4547, Trump Account Election(s), is filed by an authorized individual to elect to establish an initial Trump Account for the benefit of a child eligible under Internal Revenue Code (IRC) section 530A. Consistent with the definition of an authorized individual for this purpose, a child welfare agency (or equivalent agency) of a state, territorial or tribal government that is the legal guardian (or equivalent) of the eligible child may elect to open an initial account for that child. 

Child welfare agencies will need to follow special instructions on how to complete, sign and submit a Form 4547 to elect to establish an initial Trump Account.  The IRS Office of Governmental Liaison will work directly with the relevant agency for each state, territorial and tribal government (including the District of Columbia) to deliver the special instructions.  The Governmental Liaison will ensure that the agency has the necessary information to complete and submit an election for an initial Trump Account. The Governmental Liaison will coordinate with the IRS Office of Indian Tribal Governments in assisting tribal child welfare agencies.

A child welfare agency cannot elect to receive the $1,000 pilot program contribution to the child’s Trump Account.  However, a parent or other individual (including a foster parent) who anticipates that the child will be their qualifying child under IRC section 152(c) may elect to have the child’s Trump Account receive the $1,000 pilot program contribution under IRC section 6434 (provided that the child is a U.S. citizen with a valid social security number and was born in 2025 through 2028).